We have seen a rally to 131.12 as the high, which is just below the ideal target for red wave c at 131.27. I think there is a very high possibility, that red wave c and black wave b has topped and black wave c down to at least 124.96 has taken over. However, to confirm that black wave c is developing we need a break below 130.30 and more importantly a break below 129.83. As long as support at 130.30 is protecting the downside we could see one last swing higher towards 131.27, but I find it more likely, that we will find resistance at 130.69, which will protect the upside for the break below 130.30.
We have gone nowhere since yesterday. Trading in a sideways consolidation, which still leaves room towards the upside, to finish the x-wave 1.6908. However, to confirm a rally towards 1.6908 we need a break above 1.6846. On the other side a break below support at 1.6681 will likely mean, that the x-wave ended early and the next move lower has begun towards 1.6600 and lower towards the ideal target at 1.6388. That said we shall remember, that I'm looking at this decline as a corrective X-wave and it should be followed by a new substantial rally higher towards 1.9094 once this correction is over.
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